Ghana Determines To Hold AfDB Group Annual General Meetings
Finance Minister Ken Ofori Attah
Finance Minister Ken Ofori Attah
Ghana will host the 2022 Annual General Meeting of the African Development Bank.
This was revealed by the Minister of Finance, the Honorable. Ken Ofori Attah at a press conference in Accra yesterday.
According to him, the event will be held at the Accra International Conference Center from 23 to 27 May 2022.
It is the first time that Ghana has hosted this event (in person) in our history after signing as a member of the founding state on 14 August 1963, in Khartoum, Sudan, and attending the First Bank Board Meeting in November 1964 in Lagos, Nigeria. Indeed, we had a Ghanaian man, Dr. Dame Donkoh Fordjour Kantinka, as President of the Bank between May 1976 and July 1979. 3.
“These facts, together with our role in establishing the Bank of the African Union, suggest that hosting the event now seems too late. As is often said, however, it is better to be late than before, especially as the African continent is planning a new roadmap that will build better, ”he said.
He also mentioned that Ghana has the opportunity to host the Annual Meetings of the two main structures that make up the AfDB (namely, ADB and ADF).
“On average, about 3500 participants attend the AGM. This month, we will host about 1000 delegates to the annual meetings of the African Development Bank (ADB) and 48 African Development Fund (ADF) meetings. Since its inception, the African Development Bank has focused on its mission: to promote Africa's social and economic transformation and economic integration. Those machines are still very effective today. Today, 41 African economies face at least one of the three (3) common problems - rising food prices, rising electricity prices, and tightening financial conditions, "he said.
The Minister of Finance also pointed out that food prices are 34 percent higher than at this time last year and have never been this high since the UN's Food, and Agricultural Organization began recording them; crude oil prices have risen by almost 60 percent, and gas and fertilizer prices have more than doubled and global inflation has risen to a maximum of 6.0 percent in February, prompting many major banks to show interest rates, inevitably leading to higher debt repayment. . costs while the number of people starving has increased by 46 million in Africa.
As the honorable manager of the Secretariat of the African Continent-Free Trade Agreement, Ghana also provided an opportunity to advance the cause of economic integration in response to some of these challenges during the Annual General Meetings.
Annual General Meetings will be attended by Finance Ministers, Central Bank Governors, Leaders of Local and International Finance and Development Organizations, industry captains, and civil society organizations from 81 AfDB countries; it is made up of 54 Regional and 27 non-regional countries.
Meanwhile, Finance Minister Ken Ofori-Atta pointed out that several African countries are facing economic challenges.
"Today, 41 African economies are at high risk, at least, one of three common causes: rising food prices, rising energy prices, tightening financial conditions", he said, with Finance Ministers now calling for three terrible Fs: Food, Fuel. and financial conditions.
According to him, "that is the worst situation in the whole of Africa, and food prices could be as high as 34 percent, crude oil prices, 60 percent higher and global inflation".
"We saw our figure yesterday rise to 23.6%, a good part of it being inflation."
In April 2022 the average annual inflation rate was 23.6%. The Ghana Statistical Service (GSS) disclosed this on Wednesday, 11 May 2022. While the monthly inflation rate for March 2022 and April 2022 was 5.1 percent.
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